Real Estate Star Banned for Shady Deals

0:00Josh Tesslin, the x-ray white real estate hotshot, who pulled in over $9 million in commissions last year, just got hit with a 10-year ban. From the industry, New South Wales bear trading dropped the hammer Thursday night, slapping him and his company with $33,000 in fines for shady, dealings in more than 100 property sales. The pro blasted three years and uncovered underquoting, fake ads with prices way below market value, and staff faking docks for regulators. It all started with a newspaper investigation last July that exposed his wild commission tricks, like surprise fees that boosted his take to four, $120,000 in a single day. Folks are stunned by this fall from grace. Tesslin was Sydney's top agent nine months back, winning awards left and right. Buyers got burned chasing deals that weren't real. Out of a bigger, underquoting mess in Sydney and Melbourne auctions, where nearly half sold 10 percent overguide. After Ray White cut ties, he jumped to a new outfit called NGU.

1:02Then launched a coaching gig called peak mentoring to teach his sales moves. He sold his Bentley Bentayga for $260,000, rented out the family home, and flipped a couple investment properties, but the ban kicks in now till 2036. Fair trading's minister called it a strong warning. No more misleading folks on their biggest buys, or you'll pay big time. Tesslin staying positive in podcasts, talking family and legal help, but this shakes up the whole real estate game down under. You've been listening to Sydney News today, AI-powered local news.